Opening account, RBL, IDFC First, Kotak Mahindra and IndusInd Bank at home through video KYC in lockdown

By Shivani Reddy On May 30, 2020

If you want to open a bank account sitting at home due to lockdown, then RBL Bank, IDFC First Bank, Kotak Mahindra Bank and Indusand Bank are offering this facility to you. Through video KYC, you can open an account at home. This method of opening an account is paperless. There will also be no biometric verification. The bank (representative) and the customer will not need to contact each other to complete the KYC process.

Also read: UCO Bank and Bank of India reduce interest rates after SBI

Banks are offering this facility only on opening of savings accounts. In January this year, the RBI has allowed video KYC for opening online savings account. Banks are providing this facility under this. The customer does not even need to go to any of the nearest branches of the bank through video KYC.

Now complete your application for a Savings Account, FD, or even a Credit Card, through Video KYC!
Click here to know more: https://t.co/YWwoOrZHeR #SocialDistanceBanking #IndusIndBank #KeepSafeBankSmart pic.twitter.com/rQxRMDiXn4

– IndusInd Bank (@MyIndusIndBank) May 28, 2020

What is video KYC and how it works

KYC means No Your Customer. Banks perform KYC to verify the identity and address of the customer. Video KYC is also like KYC. The only difference is that for video KYC the customer does not need to go to the bank. To complete the video KYC process, customers will be sent a link via SMS or email by the bank. After clicking on this link, the customer will reach the video KYC webpage.

Also read: HDFC Bank, giving loan up to 100% on new car, agreement with Maruti Suzuki

Here the customer has to enter his mobile number. This number will come with an OTP through which the video KYC process will begin. The customer will be connected to the video KYC agent. This agent will get details from the customer through PAN, passport size photo, signature, locality etc. live video. The KYC formalities of the customer will be completed in a few hours after all these videos are certified by the banking representative. Video call for KYC should be done from the domain of the bank concerned This will not be valid from third party sources like Google Duo or WhatsApp.